Property Times

East China : Shanghai office rental bucks trend - Q3 2014

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Shanghai – Grade A office rental sees a slight rise
In Q3 2014, we witnessed the citywide grade A office rental in Shanghai reverse a downward trend seen during the first two quarters of this year. The average rental increased slightly by 0.2% to RMB 8.59 per sq m per day quarter-on-quarter (q-o-q). Besides the continuous rental growth experienced in Pudong, the completion of some high quality office projects in Puxi’s suburban area was another factor which led to the slight rise in the city’s overall average rental level in Q3. However, due to increased market competition on the landlord side from a large number of completed projects in Puxi’s downtown area, Puxi’s core area saw its average grade A office rental continue to fall during Q3 this year.

Nanjing – Citywide warehouse rental increases
The overall average rental for industrial properties reached RMB 27.9 (US$4.5) per sq m per month this quarter, a 0.7% increase q-o-q and a 4.5% increase year-on-year (y-o-y). The average R&D office rental and the average factory space rental remained unchanged q-o-q at RMB 39.0 (US$6.3) and RMB 20.0 (US$3.3) per sq m per month respectively, while the average grade A warehouse rental increased 2.6% q-o-q to reach RMB 24.6 (US$4.0) per sq m per month, due to robust citywide demand and subsequent project rental increases.

Hangzhou – Merged department stores influence rental levels in Wulin
Total retail sales in Hangzhou increased 10.0% y-o-y in the first half of 2014, lower than growth rates for Shanghai and Nanjing during the same period. In Wulin, two of the biggest department stores, Hangzhou Department Store and Hangzhou Intime Department Store, not only merged during the quarter but also commenced a redecoration programme. This merger and redecoration has certainly influenced rental and occupancy levels within the Wulin area. The new department store’s redecoration programme is expected to be completed in 2016.

Source : DTZ

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Mots-clés : DTZ

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